LONDON—World stocks rallied on Tuesday, as traders held on to hope that interest rates will soon peak and come down later this year, even if the latest U.S. jobs data supported the case for a May hike from the Federal Reserve. Those hopes were fanned by an analysis in the International Monetary Fund’s latest World…
World Stocks Hold on to Upbeat Mood, Dollar Stalls
April 11, 2023
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Australia’s Approved Renewable Energy Projects Double in 10 Months
The Australian government has doubled the number of approved renewable energy projects since coming into power in May 2022 as it seeks to accelerate Australia’s transition to net-zero emissions. In an interview with ABC radio, federal Environment Minister Tanya Plibersek said 11 renewable projects had received the green light from the government in the past…
Oil Companies Urge Supreme Court Not to Allow Climate Change Lawsuit to Proceed in State Courts
Energy companies are urging the Supreme Court to keep a Biden administration-backed environmentalist lawsuit accusing the industry of accelerating climate change in federal court where they may have an advantage. The lawsuit is part of an effort to force action on the climate change issue through the courts, as opposed to having elected lawmakers make…
‘Challenges’ for New South Wales Grid as Hunter Coal Station Closes
New South Wales (NSW) could face future energy supply challenges as one of the state’s major coal-fired electricity producers prepares to power down. “The challenges are big, but the work can be done,” NSW’s new Energy Minister Penny Sharpe told reporters from Nowra on Monday. “We do have a challenge also, with prices rising over…
Asian Shares Higher After Report Shows Resilience in US Jobs
April 10, 2023
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Shares were mostly higher in Asia on Monday after a report Friday showed resilience in the U.S. jobs market. European markets were closed for Easter holidays. Benchmarks rose in Tokyo and Seoul but fell in Shanghai. Markets were closed in Hong Kong and Sydney. U.S. futures were mixed and oil prices climbed. The highly anticipated…
Oil Steadies as Tighter Supply Balances Growth Concerns
April 10, 2023
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LONDON—Oil steadied on Monday, after rising for three straight weeks, as looming supply cuts from Saudi Arabia and other OPEC+ producers balanced concern about weakening global growth that may dampen fuel demand. Crude last week jumped more than 6 percent, a third weekly gain, after OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and…
‘Rung of Hell’: The Hidden Misery of EV Cobalt Supply Chains
April 7, 2023
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Primarily driven by the large-scale adoption of electric vehicles, the production of lithium-ion batteries has spiked, raising the demand for cobalt—a cause of despair rather than prosperity in the African nation of Congo, where the metal is mined amid horrendous circumstances. “I remember looking at this destroyed landscape and these thousands of bodies laboring over…
Biden EPA Tightens Screws on Coal Plants
April 7, 2023
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A new proposal by the Environmental Protection Agency (EPA) would boost emissions standards for coal-fired power plants, heartening public health advocates and raising questions from the energy industry about cost and feasibility. It comes after a February 2022 EPA ruling that reversed a Trump administration action in 2020 on the Mercury and Air Toxics Standards…
EV Charging Stations Coming to Thousands of Walmart Stores Nationwide
Walmart is planning to add thousands of electric vehicle-charging stations at its stores by the end of the decade even as EV adoption faces multiple challenges like the high cost of acquisition. “By 2030, we intend to build our own EV fast-charging network at thousands of Walmart and Sam’s Club locations coast to coast,” Walmart…
Asian Stocks Rise Ahead of US Job Market Update
April 7, 2023
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BEIJING—Asian stock markets rose Friday ahead of a United States job market update that traders hope will encourage the Federal Reserve to ease off plans for more interest rate hikes. Shanghai, Tokyo, and Seoul advanced. New York, London, and Frankfurt were closed for the Good Friday holiday. Traders who worry higher interest rates might tip…
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